The e-edition is an exact replica of the newspaper with interactive and searchable articles from all your favorite sections. Lower prices, more stock signal cooling market After an overactive market and buying frenzy last year, home prices in Cedar Park and Leanderβ which have been on a steady rise since early βdipped toward the tail end of Last year in January, homes sat on the mar- ket for an average of 33 days com- pared to 70 days in December.
In Leander, homes were on the mar- ket for 21 days in January compared to 70 days in December. In the coming months, the market is projected to stabilize with peak activity periods leading into the summer. By the end of , it had reached 6.
That jump in interest rates caused the potential homebuyer pool to shrink, Housing Works Research Manager Woody Rogers said. During the pandemic, interest rates were at an all-time low, which encouraged more people to buy homes. Local experts attribute the rapid change to the housing market stabi- lizingβinterest and mortgage rates have risen causing lower prices and increased inventory.
Mortgage rates more than dou- bled in December compared to December due to the Federal Reserve raising interest rates in an attempt to reign in price growth, experts said. In contrast, median home prices are declining. Disclaimer: January Ash Creek Homes. All rights reserved.
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